ADCB Buys Prospero Fund Management System

ABU DHABI — Abu Dhabi Commercial Bank, or ADCB, has acquired Prospero as its wealth management and fund administration system.

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Published: Tue 28 Jul 2009, 10:17 PM

Last updated: Sun 5 Apr 2015, 10:30 PM

In this connection, the bank has entered into a new partnership with SAGE, the Swiss IT firm specialised in the development of financial systems. SAGE’s Prospero was suited to facilitate the delivery of portfolio management services and fund accounting, increase operational efficincies, and improve internal and external reporting and communications.

The bank said that in addition to serving as the primary client relationship management tool, Prospero will be used to automate administrative and compliance functions, such as order placement utilising live market price feeds from Bloomberg and Reuters. Prospero has been designed to facilitate trading with online compliance checks and tracking, back-office administration and accounting for all ADCB-managed funds, flexible workflow management and financial settlement. Holistic wealth management services are becoming increasingly important to mass affluent and high-net-worth clients specifically, as well as to the financial industry at large,” noted Ahmed Barakat, Head of ADCB’s Wealth Management Group.

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